KWG Resources has notified Cliffs Natural Resources that it will accept its offer of $0.19 per share of all of its shares of Spider Resources.

In a Nov. 17 release, the Montreal junior miner said this brings to a close its “dissent” of last summer's acquisition of Spider by Cliffs.

KWG president Frank Smeenk said it was a “long, costly and complex process” to sway is shareholders “but we are satisified – after due consideration – that it may well be in the best interests of many such shareholders...to accept the Cliffs offer before its expiry in Nov. 19, 2010.”

The company has also received conditional approval from the TSX Venture Exchange for a private placement of treasury shares to raise up to $3 million. The proceeds will go toward funding the drilling program at their Big Daddy deposit in the Ring of Fire and ongoing engineering and assessment for a feasibility study on a proposed chromite ore haul railway.